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Metal Tiger participates in revised A$4mln fundraise from Southern Gold, to support “high-impact opportunity”

Following completion of the revised Fundraise, Metal Tiger will hold a 17.1% interest in Southern Gold

Southern Gold Limited -

Metal Tiger PLC (LON: MTR) has participated in a A$4mln fundraising undertaken by Southern Gold (ASX:SAU).

Southern Gold had planned to raise A$10mln, but revised the amount down due to the uncertain market conditions created by the coronavirus.

Metal Tiger has participated in the revised fundraise through a subscription for 22mln shares at a total cost of A$2.2 million.

Following completion of the revised Fundraise, Metal Tiger will hold a 17.1% interest in Southern Gold.

On completion of the revised fundraise, Southern Gold will have a cash balance of A$5.5mln, which is expected to support diamond drilling of multiple targets over a minimum 12-month period.

“We are delighted to have cornerstoned this revised placing,” Metal Tiger chief executive Michael McNeilly said in a statement.

“The fact that Southern Gold has been able to restructure the fundraise in such challenging markets is a testament to the quality of the Southern Gold team and its assets. In addition, our participation in the fundraise demonstrates our continued ability to seek and finance opportunities globally and across commodities in uncertain markets. We believe that Southern Gold’s drilling campaign, which will include significant news flow over a 12-month period, is a high-impact opportunity,” he added.

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Price: 1.05 GBX

AIM:MTR
Market: AIM
Market Cap: £15.98 m
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